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Number of mortgage deals on offer exceeds 3,000

07/06/2010

Figures from Moneysupermarket.com have shown that the number of different mortgages on the market has surpassed the 3,000 mark for the first time in 15 months, the Telegraph reports.

As it stands, there are currently 3,100 different mortgage deals available - 42% more than when the market fell to its low point in July 2009.

However, the amount of choice on offer to consumers looking to take on secured debt in this manner is still a lot lower than it was before the credit crunch began - with 28,413 different mortgages on offer in mid-2007.

Mortgage manager at Moneysupermarket.com, Hannah-Mercedes Skenfield, said: "The financial crisis really hit the mortgage market hard, with the number of products falling by a massive 92%.

"After a period of uncertainty in the market, in 2010 we have started to see confidence return, and although we are still a long way off the highs of 2007, it is encouraging for consumers that banks and building societies are starting to return to the market."

In April, according to the Bank of England, the total outstanding amount of secured debt (like mortgages) rose by £490bn, as people borrowed more than they repaid.

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